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Social Responsibilities Of Business And Business Ethics

Question
CBSEENBS11004420
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 Explain the significance of business ethics ?

Solution
Business ethics relate to the behaviour of businessmen and managers in business situations. Managers have to evaluate the impact of their actions on consumers, workers and others.

Every manager has to allow the social norms of behaviour whether he personally likes or not. The importance of business ethics are :

(i) Business is a part of society. Social values must become the guiding principles for doing business.

(ii) When an organisation fails to behave in accordance with society’s expectations, it may lose its image, market share, and its very right to exist.

(iii) A manager is expected to serve as a trustee of various groups such as customers, workers, shareholders and suppliers. Thus, he must respect the social norms and expectations.

(iv) Consumers are no longer at the mercy of the business firms. They have organised powerful associations to discipline the business firms. To avoid any confrontation with the consumers assocations, it is advisable for the busines to follow ethical practices.

(v) Various laws reflect the ethics of society. If a business is not ethical, it will attract intervention of government and courts of law.

(vi) For every manger job is the centre of life. Job values must be in harmony with social values if the manager is to live happily.

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